Chipped cartilage in ankle?

I'm wondering if anyone has had to deal with this? Long story short, I was clipped in, fell over on my side, and my shoes didn't release from the pedals. Bad sprain, yes, but in addition to that the doc says the cartilage between the talus and the tibia is chipped. I can ride at about 80%, but cannot run across the street without limping and feeling bad pain.

My question here is, has anyone dealt with this injury before? If so, what was the solution? Did you have surgery? Was it successful? If you didn't have surgery, what did you do?

The doc keeps wanting to try physical therapy, but the first round I did did not help. After five sessions I tried running on a treadmill, and after 2 minutes I couldn't do it anymore. I had pain in that area for a week after that, some pretty bad. He says he wants to rule PT out before he decides to go in and clean the cartilage out with a scope. I really want to train for my first endurance race in August, but of course my health has to take priority. Thanks.